BeInCrypto examines the price development of seven different altcoins, including Polygon (MATIC), which is about to hit a new all-time high.
On December 4th, Bitcoin (BTC) fell sharply and fell to a local low of $ 42,000. After that, it bounced above $ 50,000, creating a long lower wick.
Currently he is retesting the support line but could potentially validate it as resistance. The line coincides with the resistance area of $ 52,500, which is the 0.382 Fib retracement resistance level.
Ethereum (ETH) has been down since November 10 after hitting a record price of $ 4,867. Similar to BTC, the decline accelerated on December 4 and ETH fell to a local low of $ 3,575.
However, it rebounded shortly thereafter and is currently trading at $ 4,400.
ETH is still trading above the previous resistance zone of $ 3,950. As long as it does, the trend can be considered bullish.
A break out of the descending resistance line would confirm that the correction is complete.
XRP (XRP) has been down since November 10 when it hit a high of $ 1.35. The downward movement continued until December 4, when it fell to a low of $ 0.60.
Refreshing the wick, the decrease that started on November 10 has an exact 1: 1 ratio as the decrease from September 6 to 22.
XRP found its way above the 0.786 Fib retracement support level at $ 0.70. Therefore, the correction may be completed.
Loopring (LRC) has declined in a descending parallel channel since November 10, after hitting a record price of $ 3.85.
The decline led to a low of $ 1.60 on Dec. 4.
That same day, LRC bounced back and validated the channel’s support line. Three days later, he recovered the midline of the canal. This is a very bullish sign which suggests that a possible breakout could occur.
Polygon (MATIC) suffered a massive drop on Dec. 4, bringing it down to a low of $ 1.54.
However, it recouped all of its losses and rose above its previous high on December 7.
It is currently trying to break through the resistance zone of $ 2.40 which is the last resistance before a new all-time high price.
If you manage to break above it, the next resistance would be at $ 3.26.
Oasis Network (ROSE) has been following an ascending support line since July 20. On December 6, it bounced off that support line, creating a long lower wick (green icon).
It has been going up since then.
The main resistance area is at $ 0.375, which was last reached on December 3 (red icon).
Kadena (KDA) has been down since Nov. 11, after hitting a new all-time high of $ 28.30. The subsequent downward movement led to a low of $ 8.90 on December 6. This represents a decrease of 68%.
KDA has rebounded slightly since then, validating the 0.618 Fib retracement level as support. However, it failed to initiate a bullish movement.
If the support area fails to hold the price, the next support would likely be found at $ 6.50.
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